Piyush Goyal announces Japanese retailers to expand investments in India
Commerce and Industry Minister Piyush Goyal announced this during his Tokyo visit after meeting Chairman, President, and CEO of Fast Retailing Co Ltd and Uniqlo Tadashi Yanai.
Uniqlo and other Japanese textile brands are looking at expanding investments in India and sourcing more products from the country for their global markets.
They talked about teaming up on retail, manufacturing, and sustainable business practices.
Uniqlo to boost sourcing from India
Uniqlo has already opened more than 20 stores in India since 2019 and turned profitable by fiscal 2021-22.
Now, they plan to buy even more from Indian manufacturers, helping Uniqlo reach its $25 billion turnover.
For Indian companies, this means bigger opportunities to meet high-quality standards and become a bigger part of the world supply chain.